Cosco Shipping Ports Profits Dip


Hong Kong-based Cosco Shipping Ports has reported Q3, 2016 profits of US$43.9 million, a drop of 52% from $91.5 previously.

The terminal operator, with bases  throughout China, Europe, the Middle East and US has seen net profit fall by 23% to $215.8m from $278.7m previously.

Blamed on poor global economic performance, particularly from Chinese exports, the group has seen throughput at its terminals only creep up marginally so far in 2016.

Total container throughput has risen 3.9% so far this year, from 67.7 million to 70.2 million TEU. In Q3 alone, the growth was 4.7%, from 23.1 million to 24.2 million TEU.

Much of this growth has come away from its mainland China operations, with overseas terminals performing much better. This has led the group to look further afield for growth opportunities, recently annoucing its intention to operate at Khalifa Port in Abu Dhabi.

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